Singapore's Infocomm Media Development Authority (IMDA) has suspended its review of Simba's proposed acquisition of M1 after uncovering a potential regulatory breach.
IMDA says it found that Simba may have been using radio frequency bands not assigned to it to provide mobile services. That would constitute unauthorized use of spectrum, a violation of the Telecommunications Act and Simba's operating license.
"The investigation findings may be material to our assessment," IMDA said, adding that the review is suspended until the probe concludes.
Keppel, which owns M1, announced plans last August to sell the telco to Simba for S$1.43 billion. The deal requires IMDA approval under the Telecom and Media Competition Code. The current deadline for completion is May 21.
Meanwhile, Keppel says it is activating a 90-day plan to improve M1's efficiency through cost reductions, AI automation, and product rationalization. The company says it remains open to divestment opportunities, but its S$2 to S$3 billion non-core asset monetization target for 2026 is unchanged.